I heard about a settlement worth $10 billion with the credit bureau TransUnion that is supposed to give millions of people access to free credit-monitoring services. That sounds too good to be true. How can I find out if I am eligible? If so, should I sign up? Sometimes these class-action settlements are more trouble than they're worth.
You're almost certainly eligible to get the services, and they're worth signing up for.
TransUnion agreed to offer free credit monitoring to more than 160 million people as part of a preliminary lawsuit settlement. The suit claims that TransUnion violated the Fair Credit Reporting Act by selling lists with consumers' personal and financial information for marketing purposes. TransUnion discontinued that business several years ago.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The settlement applies to everyone who had an open credit account or open line of credit from any lender from January 1, 1987, to May 28, 2008. Anyone with a credit card, car loan, mortgage, student loan or any other loan qualifies, which means most adults do.
To sign up, go to ListClassAction.com from now until September 24 and click on the register for benefits link.
You have two options. If you sign up for six months of free credit monitoring, you may also receive a cash payment if there is a cash distribution. And you could still file an individual lawsuit against TransUnion. If you sign up for nine months of "enhanced" services, you won't receive any cash payment and you can't file a lawsuit against the company. (See the Summary Notice on the Web site or call 866-416-3470 for more details). A court hearing is scheduled for September 10, and you likely will get your benefits soon after that.
The credit-monitoring services being offered by TransUnion can be very valuable, especially when you don't have to pay. With the six-month option, you get unlimited daily access to your TransUnion credit report and your TransUnion credit score (which is different from the more widely used FICO score), as well as 24-hour e-mail notification of any "critical" changes in your credit report. The service retails for $59.75.
The nine-month service, which retails for $115.50, also includes a suite of scores calculated by insurance companies, plus a mortgage simulator to show how lenders would rate you. TransUnion won't collect credit-card numbers upfront and won't continue providing the service for a fee after the initial period ends, unless you request it.
Steven Katz, TransUnion's director of consumer education, says the company's offer "is consistent with TransUnion's commitment to providing consumers with tools to help them be active managers of their credit health."
-
Being an Executor is a Thankless Job: Do It Well AnywayYou can be a "good" executor of an estate, even though carrying out someone's final wishes can be challenging.
-
Question: Are You Planning for a 20- or 30-Year Retirement?You probably should be planning for a much longer retirement than you are. To avoid running out of retirement savings, you really need to make a plan.
-
How to Steer Clear of the Medicare Tax TorpedoBetter beware, because if you go even $1 over an important income threshold, your Medicare premiums could rise exponentially due to IRMAA surcharges.
-
Credit Report Error? They All Mattercredit & debt Don't dismiss a minor error. It could be the sign of something more serious.
-
Insurance for a Learning Driverinsurance Adding a teen driver to your plan will raise premiums, but there are things you can do to help reduce them.
-
529 Plans Aren’t Just for Kids529 Plans You don’t have to be college-age to use the money tax-free, but there are stipulations.
-
When to Transfer Ownership of a Custodial Accountsavings Before your child turns 18, you should check with your broker about the account's age of majority and termination.
-
Borrowers Get More Time to Repay 401(k) Loans
retirement If you leave your job while you have an outstanding 401(k) loan, Uncle Sam now gives you extra time to repay it -- thanks to the new tax law.
-
When It Pays to Buy Travel Insurance
Travel Investing in travel insurance can help recover some costs when your vacation gets ruined by a natural disaster, medical emergency or other catastrophe.
-
What Travel Insurance Covers When Planes Are Grounded
Travel Your travel insurance might help with some costs if your trip was delayed because of the recent grounding of Boeing 737 Max planes.
-
Ways to Spend Your Flexible Spending Account Money by March 15 Deadline
spending Many workers will be hitting the drugstore in the next few days to use up leftover flexible spending account money from 2018 so they don’t lose it.
